Jewellery exporters erase gains post Budget

MUMBAI: Shares of jewellery exporters reversed gains as the interim budget did not offer any sops for the sector as expected. The government, however, extended a 2 percent interest subvention for the exporters, beyond March 31.

Shares of Gitanjali Gems fell 0.9 per cent to Rs 51 while Rajesh Exports was down 1.6 per cent to Rs 25. Su-Raj Diamonds and Classic Diamonds were up 0.6 per cent gaining 3-5 per cent ahead of the budget, in early deals.

The industry was looking forward to an excise duty waiver on sales of branded jewellery within the country to help prop up domestic demand and an increase in budgetary allocation for marketing purposes.